For more than twenty years, research and consulting firm Dalbar has come up with a list of the companies offering the best annuity service. Their list for 2011 includes both big and small names, but all of the winners have the best customer service in the industry. This year’s Annuity Service Awards go to AXA Equitable-Equivest, Prudential Financial, Pacific Life, New York Life, SunAmerica Annuity and Life Assurance Company. Dalbar’s press release, “Dalbar Announces Its 2011 Annuity Service Award Winners in Financial Services,” lists the winners and the criteria for having the best annuity services. Thousands of tests are done over the course of each year looking into the customer service at these annuity companies.
The industry only averages a 69% friendly engagement when customers initially call the company. The service award winners are friendly and let their customers know they are appreciated 95% of the time, in comparison. Annuities are complex products, and making sure that customers understand their product and are comfortable with all aspects is crucial. Annuity award winners make sure their clients know all of the details from an expert and follow up with them 85% of the time, while the industry as a whole only does it about half of the time. These companies are also all consistent with their superior treatment of customers and their company practices. Since this award was introduced 15 years ago, New York Life has won it 12 times and the other winners have all won between 5 and 11 times.
Written by Rachel Summit
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